Instant MBA: Consider Your Replacement Before You're Ready To Go

"If you look at organizational development, its pretty clear that
you go through a number of gates. Invariably a company that's
going from a start up to 10, 20, 50 million will have a crisis in
management.

The organization's needs will outgrow its people. If the
entrepreneur is a hands-on type -- he or she will have a
difficult time letting go."

Whether parting ways with a company is on a founding executive's
radar or simply something he or she tries not to imagine, the
fact is, it's inevitable. If your business will continue on after
you retire, or leave to pursue another opportunity, there has be
a solid framework in place to sustain it through a regime shift.

The process of ensuring a your business can outlive your tenure
can start early, Smith says. Focus on building a positive legacy.
Most important, hire talent you're confident will lead your
organization in an innovative direction, he suggests,
name-checking Steve Jobs and "one of his smartest" decisions
in bringing Tim Cook on board at Apple.

"Any founder has a great responsibility to the people that work
with them to have an effective legacy," says Smith.

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